Yes Bank Immediate Payment Service

Using the Immediate Mobile Payment Service (IMPS), Yes Bank customers can transfer funds from one bank account to another using their online banking account, their mobile phone or via an ATM. Through IMPS customers have benefit of transferring funds in seconds, providing immediate credit to the beneficiary. The service is available 24/7 and 365 days a year.

Eligibility for Yes Bank IMPS Fund Transfer

To be eligible for the Yes Bank IMPS fund transfer, customers need to fall under certain criteria:

Only account holders of Yes Bank are eligible for the Yes Bank IMPS transfer. That said, their mobile number has to be registered with the bank.

Should have a Mobile Money Identifier (MMID) linked to their bank account to transfer funds from one’s mobile phone, online banking account or ATM to the beneficiary.

He/she should also have an MPIN to facilitate a transfer from one account to another.

Customers that do not have an MPIN can only receive funds.

Benefits of using Yes Bank IMPS Fund Transfer

Transfer up to Rs.50,000 in a day.

Funds are transferred in real time.

Available 24/7.

Customers can transfer funds even after bank hours, on bank and public holidays and on Sundays.

All customers having an Yes Bank account can facilitate the use of IMPS.

IMPS fund transfer is completely free.

Beneficiaries do not have to be enrolled in any mobile banking service to receive the funds.

Features of Yes Bank IMPS Fund Transfer

Some of the features of Yes Bank IMPS Fund Transfer are listed below.

Customers can transfer up to Rs.50,000 using the IMPS fund transfer in a day.

Customers can transfer funds through the mobile app, their online banking account or an ATM.

Once the transaction has been made, both the remitter and recipient will receive a message confirming the transaction.

How to Transfer Money by using Yes Bank IMPS Fund Transfer

There are three ways a Yes Bank customer can transfer funds using the IMPS fund transfer:

Internet Banking- To make an IMPS transfer using one’s online bank account, the customer has to add the payee and then transfer the money. Once the beneficiary is added, the details will be stored for future transactions.

Add Beneficiary

Login to your Yes Bank online account.

Click on “IMPS Fund Transfer”.

Click on “Add Payee” from the same bank or “Add Payee” from another bank.

Enter the details of the beneficiary - account name, bank account number and IFSC code.

Click on “Confirm”.

IMPS Transfer

The payee will be confirmed by the bank within 30 minutes.

Click on “IMPS Transfer funds”.

Choose “IMPS using IFSC code” or “IMPS using MMID”.

Enter the amount to be transferred.

Click on “confirm”. Enter the OTP sent to your registered mobile number.

Mobile App - Here too, the customer will have to first enter the details of the beneficiary and then carry out the procedure to transfer funds through IMPS.

Add Beneficiary

Login to your online banking account through the Yes Bank mobile app.

Select “Transfer Funds”.

Select whether the beneficiary is from Yes Bank or from another bank.

Enter the details of the beneficiary.

Click on “Continue”.

Enter the OTP or transaction password to confirm payee.

IMPS Transfer

Once the beneficiary has been added and confirmed you can go ahead and transfer funds through IMPS.

Click on “Transfer Funds”.

Choose “IMPS using IFSC” or “MMID”.

Enter the details of the beneficiary.

Click on “Continue”.

Enter the OTP sent to your registered mobile number.

ATM - Yes Bank customers can facilitate an IMPS transfer through a Yes Bank ATM as well. The customer will have to first enter the details of the beneficiary and then transfer the money.

Enter your registered mobile number. Once that is done, an SMS will be sent to your mobile number. Re-enter the number to confirm.

IMPS Transfer

Once the beneficiary has been approved, visit the nearest Yes Bank ATM.

Choose “Fund Transfer”.

Next, select “IMPS”.

Enter the beneficiary’s MMID and mobile number.

Enter the type of account and the amount to be transferred.

Check the details of the beneficiary and click on “Confirm”.

Once that is done, a message will be sent to both the remitter and recipient regarding the IMPS transaction.

Beneficiary Details Required for Yes Bank IMPS

To make an IMPS transfer, the remitter is required to have the details of the beneficiary. The account holder can transfer funds to the beneficiary using the MMID or the IFSC code of the beneficiary.

MMID mode - The remitter is required to have the beneficiary’s MMID if he/she is transferring funds through MMID. The MMID is a unique seven-digit number given to every account holder. The first four digits represent the unique code of the bank. When the account holder is making an IMPS transfer using the MMID of the beneficiary, he/she is required to enter the following details.

Name of the beneficiary

Mobile number of the beneficiary

MMID of the beneficiary

IFSC mode - The IFSC code identifies the bank branch of the beneficiary. If the remitter has chosen to transfer funds using the beneficiary’s IFSC code, he/she will be required to enter the following details.

Name of the beneficiary

Account number of the beneficiary

IFSC code of the beneficiary’s bank

Yes Bank Immediate Payment Service FAQs

Since I’m new to this, can you tell me what IMPS is? How can I transfer funds?

IMPS (Immediate Mobile Payment Service) is an electronic fund transfer service that takes place in real time between the remitter and the beneficiary. Anyone holding a bank account can facilitate an IMPS transfer through the bank mobile app, his/her online banking account or from an ATM.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.